DOCSLIB.ORG

Building Momentum in Venture Capital Across Europe – France, Germany, Italy, Spain and the United Kingdom

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Building Momentum in Venture Capital Across Europe – France, Germany, Italy, Spain and the United Kingdom France, Germany, Italy, Spain and the United Kingdom ∆Building Momentum in Venture Capital across Europe Imprint Published by Bpifrance 27–31, avenue du Général Leclerc 94710 Maisons-Alfort Cedex, France www.bpifrance.fr Cassa depositi e prestiti SpA (CDP) Via Goito 4 00185 Rome, Italy www.cdp.it Instituto de Crédito Oficial (ICO) Paseo del Prado 4 28014 Madrid, Spain www.ico.es British Business Bank Foundry House 3 Millsands Sheffield S3 8NH, United Kingdom www.british-business-bank.co.uk KfW Bankengruppe (KfW) Palmengartenstraße 5-9 60325 Frankfurt am Main, Germany www.kfw.de Authors Miguel Fernández Acevedo (ICO) Matt Adey, British Business Bank Claudio Bruno (CDP) Gino del Bufalo (CDP) Alexandre Gazaniol, Bpifrance Dr Vivien Lo (KfW) Dr Georg Metzger (KfW) Blanca Navarro Perez (ICO) Dan van der Schans, British Business Bank Baptiste Thornary, Bpifrance Editor Dr Georg Metzger (KfW) Layout and Design Bettina Apfelbach (KfW) Iris Brandt (KfW) Picture Credits Getty Images / Photograf Westend61 December 2016 Table of Contents Greetings 5 Foreword 7 1. General Part 11 1.1 Venture capital: what it is and why it is important 13 1.2 The EU venture capital market 14 1.3 Fostering the European VC market 23 1.4 Recommendations for building momentum in the venture capital markets in Europe 26 2. Country Reports 29 2.1 France 31 2.1.1 Development of the VC market 31 2.1.2 Role of public institutions 32 2.1.3 Specific challenges and needs 33 2.1.4 Policy recommendations 34 2.2 Germany 35 2.2.1 Development of the VC market 35 2.2.2 Role of the national development bank 37 2.2.3 Specific challenges and needs 38 2.2.4 Policy recommendations 40 2.3 Italy 41 2.3.1 Development of the VC market 41 2.3.2 Role of public financial institutions 43 2.3.3 Specific challenges and needs 44 2.3.4 Policy recommendations 46 2.4 Spain 47 2.4.1 Development of the VC market 47 2.4.2 Public policies in VC 48 2.4.3 Specific challenges and needs 49 2.4.4 Policy recommendations 51 2.5 United Kingdom 53 2.5.1 Development of the VC market 53 2.5.2 Role of the national development bank 54 2.5.3 Specific challenges and needs 56 2.5.4 Policy recommendations 56 References 59 Appendix 61 List of Figures Figure 1: Fundraising of VC firms in the EU hit hard by financial crisis 15 Figure 2: Government agencies most important source of VC funds in Europe 15 Figure 3: Venture investments by VC firms located in the EU almost halved after 2008 16 Figure 4: Divergent development of VC investments in selected countries 17 Figure 5: VC investments rates in the United States far ahead of EU countries 18 Figure 6: UK accounts for a quarter of the EU VC market 18 Figure 7: Average VC-backed US company receives five-times more VC than its EU counterpart 18 Figure 8: VC investment in Top 10 OECD VC markets by stages of investment, 2014 19 Figure 9: Breakdown of average VC deal size, 2015 19 Figure 10: Venture capital invested at company level by stage and number of deals 19 Figure 11: Number of VC deals in the United States by stage, 2015 20 Figure 12: VC investment by stages, USA and Europe, 2015 20 Figure 13: Venture capital invested at company level and number of deals 21 Figure 14: Breakdown of average VC deal size over the last 5 years 21 Figure 15: Total amount rose by VCAP funds of funds 22 Figure 16: Breakdown of total VC funds invested by stage, in per cent, 2015 22 Figure 17: Annual average exit size for deals above CAD 100 m, 2011–2015 22 Figure 18: Amounts invested in French VC funds by investor type 31 Figure 19: Less French funds raise more capital 31 Figure 20: Investments by French VC firms 32 Figure 21: Investments in French companies 32 Figure 22: Performance of French VC funds since origin 33 Figure 23: Evolution of divestments in the Spanish VC sector (number) 34 Figure 24: Evolution of divestments in the Spanish VC sector (amounts) 34 Figure 25: Government, corporates and private individuals fund the German VC market 35 Figure 26: Fundraising of German VC firms 36 Figure 27: Investments by German VC firms 36 Figure 28: VC investments into German companies 36 Figure 29: Development of business climate and demand in German VC market 37 Figure 30: Development of exit activity 38 Figure 31: Exits by sale of silent partnerships dominate and write-offs account for 80 % of deals 39 Figure 32: Post-crisis IPOs in Germany still few, while IPOs in the US recovered fast 39 Figure 33: US companies fuelled with significantly more VC – at every development stage 40 Figure 34: Fundraising of Italian VC firms 41 Figure 35: Investments by Italian VC firms 42 Figure 36: VC investments into Italian companies 42 Figure 37: VC divestments by exit route 45 Figure 38: IPOs at Borsa Italiana 45 Figure 39: Total funds raised by Spanish VC firms 47 Figure 40: Investments by Spanish VC firms 48 Figure 41: VC investments into Spanish companies 48 Figure 42: Investments of Fond-ICO Global and of other investors in the Spanish VC market 49 Figure 43: Average fund size of Spanish private equity companies 50 Figure 44: Volume of VC divestments in Spain 50 Figure 45: Number of VC divestments in Spain 50 Figure 46: VC investment rate fell to a low level 51 Figure 47: Venture Capital Funds raised per year by fund stage focus 53 Figure 48: VC investments into UK companies 54 Figure 49: VC investments by UK VC firms (funds) 54 France, Germany, Italy, Spain and the United Kingdom Building Momentum in Venture Capital across Europe Greetings “Europe's economy is about the same size as that of the US, but our capital markets are only half their size. Our corporate bond market is a third of the size; our venture capital markets a fifth. US SMEs get about five times more funding from capital markets than in Europe.“ (Lord Hill speaking at the Bruges European Business Conference on 18 March 2016). These figures only partially describe the challenges facing the European Union today. The tightening of banking regulations affects traditional lending to SMEs. The weak balance sheets of some financial institutions, the ageing population, growing competition in the area of innovation, the shortening of investment cycles, and the emergence of new competitors around the world are just a few of the issues we face. National Promotional Banks and Institutions have for many decades played an important role in financing start-ups. As a result, we have acquired considerable insight into our respective markets and have closely followed their developments. Part of this is brought together in this report in order to benefit from each other’s experience. Having done so, we hope to contribute to the Venture Capital debate taking place within the European Commission, but also within other EU institutions and in our respective countries. What can be done to overcome the large fragmentation of the Venture Capital market in the EU? What are the success factors for Venture Capital funds in the EU in comparison to those in North America? And not least, to what extent can national and EU financial instruments help EU start-ups to rise to innovation and growth challenges? These and many other questions have been addressed in this joint study. Nicolas Dufourcq Dr. Fabio Gallia Directeur Général of Bpifrance Chief Executive Officer of Maisons-Alfort Cedex, France Cassa depositi e prestiti SpA Rome, Italy Pablo Zalba Bidegain Dr Ulrich Schröder Chief Executive Officer of Chief Executive Officer of Instituto de Crédito Oficial KfW Bankengruppe Madrid, Spain Frankfurt am Main, Germany Keith Morgan Chief Executive Officer of British Business Bank Sheffield, United Kingdom Foreword Innovation is changing the world, producing new opportunities to which we must continually adapt if we are to play a key role in the global economy. If Europe is to be successful in developing the significant technologies of the future and realising their benefits in global markets, our capacity for innovation needs to increase and the skill level of our workforce must improve. Strengthening the foundation of innovative, growth-oriented start-ups and providing the best conditions for their development is, therefore, more necessary than ever. Access to venture capital is an important success factor for these enterprises. However, the size and depth of European venture capital markets lag behind those of other leading global econo- mies. For instance, the amount of venture capital provided by US inves- tors to start-ups amounts to 0.211 % of GDP per annum on average – more than seven times the EU average. Within Europe, venture capital markets in individual countries also vary greatly in terms of their size and stage of development. Public interventions significantly contribute to the functioning of European venture capital markets and play an important role in helping them develop into more stable and liquid markets, increasing their positive effects on the wider economy. As we can learn from US pioneer experien- ces, this is a long-term mission. This report on the national venture capital markets in Europe is the second cooperative research project by the promotional banks of the four largest Euro area economies – Bpifrance, KfW Bankengruppe (KfW), Cassa Depositi e Prestiti (CDP) and Instituto de Crédito Oficial (ICO). This year, the British Business Bank, the UK’s national development bank has joined the group, providing first-hand knowledge and experience regarding Europe’s largest VC market.
Load more

Recommended publications
  • The Acceleration Point: Why Now Is the Time for European Venture Capital Invest Europe the Acceleration Point: Why Now Is the Time for European Venture Capital
    EUROPEAN VENTURE CAPITAL The Acceleration Point: Why Now is the Time for European Venture Capital Invest Europe The Acceleration Point: Why Now is the Time for European Venture Capital C Invest Europe The Acceleration Point: Why Now is the Time for European Venture Capital Contents What’s in this report 01 Foreword Section One: Section Two: Why Now is the Time Why Europe? Europe’s Innovation for European Venture Capital Why Now? Pages 04-15 Economy Pages 16-22 By Nenad Marovac Invest Europe Vice-Chair 1 2 Page 02 Page 04 Page 17 A strong economy committed European tech cities to growth Page 18 Page 05 Benelux European VC is experienced Page 19 Page 07 France, Spain & Switzerland Proven ability to create global leaders To find out more about Invest Europe please visit: Page 20 Page 09 Germany Increased exit options www.investeurope.eu Page 21 Page 11 UK & Ireland Outsized returns in a low-yield environment Page 22 Scandinavia Page 13 Robust fundraising Page 15 Page 23 Europe’s hottest sectors In conclusion For PDF download to your computer: Page 24 Please visit our website at www.investeurope.eu if you would like to download this report as References and data methodology a standalone PDF. Invest Europe The Acceleration Point: Why Now is the Time for European Venture Capital Foreword Foreword by Nenad Marovac 02 Why now is the time for European venture capital The European venture capital (VC) industry has reached an acceleration point. Europe’s prospering economies, the unprecedented rise of the European tech industry and the region’s experienced fund managers make it the right time to invest in European venture capital.
    [Show full text]
  • Study on Equity Investments in Europe: Mind the Gap
    Study on Equity Investments in Europe: Mind the Gap STUDY ON EQUITY INVESTMENTS IN EUROPE: MIND THE GAP European Commission Directorate-General for Research and Innovation Unit RTD TF.3 – Financial Instruments Contact Stéphane Ouaki Email sté[email protected] [email protected] European Commission B-1049 Brussels Manuscript completed in February 2021. 1st edition. This document has been prepared for the European Commission, however it reflects the views only of the authors, and the European Commission is not liable for any consequence stemming from the reuse of this publication. More information on the European Union is available on the internet (http://europa.eu). PDF ISBN 978-92-76-28648-6 doi: 10.2777/001375 KI-04-21-014-EN-N Luxembourg: Publications Office of the European Union, 2021 © European Union, 2021 The reuse policy of European Commission documents is implemented based on Commission Decision 2011/833/EU of 12 December 2011 on the reuse of Commission documents (OJ L 330, 14.12.2011, p. 39). Except otherwise noted, the reuse of this document is authorised under a Creative Commons Attribution 4.0 International (CC-BY 4.0) licence (https://creativecommons.org/licenses/by/4.0/). This means that reuse is allowed provided appropriate credit is given and any changes are indicated. For any use or reproduction of elements that are not owned by the European Union, permission may need to be sought directly from the respective rightholders. Image credits: Cover page: © Lonely #46246900, ag visuell #16440826, Sean Gladwell #6018533, LwRedStorm #3348265, 2011; kras99 #43746830, 2012. Source: Fotolia.com.
    [Show full text]
  • Real Deals Luxembourg Edition
    THE INDEPENDENT VOICE OF EUROPEAN PRIVATE EQUITY INSIDE BVCA Summit 2020 A round up of key discussions from the BVCA Summit 2020. //realdealseucom GP Workshop How to market a fund successfully. Sink or float GPs must undertake IPOs with caution. PEA Shortlist Deal, House and Advisory awards shortlists for the Private Equity Awards. THE KEY TO LUXEMBOURG Region focus: Why Luxembourg is a fund jurisdiction of choice. RD471-01.indd 1 23/10/2020 12:19 THANK YOU FOR YOUR SUPPORT DPE IV closed at its hard cap of €1bn. We look forward to partnering with more leading Mittelstand businesses and delivering value for our investors. www.dpe.de 8566 DPE Real Deals Tombstone Ad REVISED ARTWORK.indd 1 15/10/2020 19:30 / realdealseucom & Contents 18 Q&A: Alterdomus Editorial Fund admin and PE relations; and KYC processes. Leader Talya Misiri 4 Alphabites BWAM calls on industry, Pictet’s first thematic fund 20 and more. Lightbulb Credit Comment Trade credit ratings All grown up 6 and PE-backed growth. As the industry matures, it must become BVCA Summit 2020 A roundup of key discussions more aware of the responsibility it has from the BVCA Summit 2020. 21 Webinar: Staying to make a positive impact on its ahead of the curve Tech innovation and portfolio companies, but also the world. 8 managing risks. Luxembourg rebounds and ready to lead Luxembourg accelerates 22 digitalisation and ESG Q&A: Apex in alternatives. Challenges and opportunities facing PE. onus is on private equiteers to think beyond high returns, profit and their personal gains.
    [Show full text]
  • Guide to Private Equity and Venture Capital for Pension
    Guide to Private Equity and Venture Capital for Pension Funds MEMBER SERVICES MEMBER Invest Europe Pension Fund Guide to Private Equity & Venture Capital Invest Europe Pension Fund Guide to Private Equity & Venture Capital 1 Introduction 01 Introduction 02 Chapter 1: What are private equity and venture capital? If you’re considering investing 06 Chapter 2: Why invest in private equity and venture capital? 12 Chapter 3: How to invest in private equity and venture capital in private equity and venture 20 Chapter 4: How to measure performance 24 Chapter 5: What fees are charged? capital, making the first move 26 Chapter 6: What are the risks and how are they managed? 30 Chapter 7: How are private equity and venture capital regulated? 32 Glossary may seem daunting, given that many characteristics are quite unlike those of more traditional types of investing. That’s why we have put together this guide. Containing practical information on why and how to invest in the asset class, plus an overview of the benefits and risks involved and of the different ways of investing in private equity and venture capital, we’ve also gathered the experience of long-standing pension fund investors in private equity and venture capital to show how they manage their portfolios and exposure. Over the last 15 years, the private equity and venture capital industry has grown and matured substantially to become an established part of many institutional investors’ portfolios, with pension funds among some of the most active investors in this type of fund. Invest Europe’s data We invest in private equity because we are shows that almost a third of the capital looking for a premium over listed equities.
    [Show full text]
  • 1 International Cooperation and Tax Administration
    International Cooperation and Tax Administration Division Centre for Tax Policy and Administration Organisation for Economic Co-operation and Development 2 rye Andre Pascal 75775 Paris Cedex 16 France Sent by email: [email protected] 2 December 2019 Global Private Equity industry response to the OECD consultation – Global Anti-Base Erosion Proposal (“GloBE”) (Pillar Two) We welcome the OECD’s efforts to develop a consensus solution to the tax challenges arising from the digitalisation of the economy and are pleased to have the opportunity to comment on its public consultation document (Condoc) on the Global Anti-Base Erosion Proposal (“GloBE”) (Pillar Two). What differentiates private equity and venture capital funds (PE/VC funds) from many other sources of financing is the higher level of involvement of the manager in advising on the running of the businesses invested in, strengthening management expertise, delivering operational improvements and/or helping companies to expand into new markets. This active approach is also employed in helping underperforming companies to survive, protecting jobs and delivering successful businesses with a strong future. Even where a fund manager is less active (for example, where they have a minority stake) the manager injects long-term and patient capital for the business to deploy. A significant proportion of private equity and venture capital funding comes from pension funds and insurance companies who invest the pensions or savings of millions of citizens across the world.1 Private equity and venture capital is a key asset class for these long-term investors, as it generates capital gains on a consistent basis over the long-term.
    [Show full text]
  • Can Equity Crowdfunding Crowd-Out Other Alternative Sources of Finance?
    HEC PARIS - Master Thesis Can Equity Crowdfunding Crowd-Out Other Alternative Sources of Finance? Supervised by Mr. Patrick Legland David Timothy Schneider Matriculation Nr: 54060 MSc International Finance Email: [email protected] Tel: +44 7393 179 350 Tuesday, 13 September 2016 The author would like to thank his Master Thesis supervisor, Mr. Patrick Legland, for both his availability and feedback during the writing of this paper. The author would also like to thank Ms. Angela Mashey and Ms. Ivy Wong for their help in connecting the author to entrepreneurs, investors and people with industry knowledge in the San Francisco Bay Area. Abstract Following the financial crisis of 2007, many smaller firms had no access to capital. The Obama administration tried to change that with the passage of the JOBS Act in 2012, which would allow firms to seek financing from anonymous individuals online and offer debt or equity as securities. In the vacuum left behind by the retreat of bank lending stepped a host of alternative lenders, crowdfunding in its many forms being one of them. As the industry grows and matures it is starting to compete with other alternative lenders1. It is the aim of this paper to compare equity crowdfunding to the other equity investors, those traditionally being angel investors, micro-VCs and larger VC-firms. Initially the various types of crowdfunding will be defined and how they came about, subsequently this paper will examine the various forms of private equity. Finally, the types will be compared on the global volume available to investors, the cost of financing, the median investment size made by each investor type, the role of the intermediary, the degree to which shareholders involve themselves in the company’s business affairs and the legal structure of the types.
    [Show full text]
  • On Behalf of the Public Affairs Executive (PAE) of the EUROPEAN PRIVATE EQUITY and VENTURE CAPITAL INDUSTRY
    4 May 2021 On behalf of the Public Affairs Executive (PAE) of the EUROPEAN PRIVATE EQUITY AND VENTURE CAPITAL INDUSTRY Response to European Commission Roadmap on EU Retail strategy Invest Europe supports the European Commission’s objective to develop a coherent regulatory framework to empower consumers to make informed investments in EU capital markets. Traditionally, the private equity industry is only marketing to investors that are either institutional (pension funds, insurers, banks, sovereign wealth funds, fund-of-funds) or at the very least experienced (family offices, entrepreneurs). The reason for this comes from the very nature of the industry. In order to make long-term and active investments into unlisted businesses that require time to grow and evolve, private equity funds have structured themselves as closed-ended funds with no redemption rights, which favour illiquid and large commitments from investors in a position to make such investments. Currently, the only investors classified as retail under EU law committing capital to private equity are arguably not retail. High net worth individuals committing capital into venture funds are large and experienced investors with a detailed knowledge of the market, which are limited partners into the fund they invest. Our opinion is that these are only deemed retail under EU law due to the inadequacies of the current MiFID investor categorisation. Indeed, such a definition does not take into consideration their investing specificities (market knowledge that is sector-related, frequency of investment that is not one day-traders). As announced in Action 8 of the CMU Action Plan, a revision of the Annex II of MiFID is therefore warranted.
    [Show full text]
  • The Shortage of Risk Capital for Europe's High Growth Businesses
    The Shortage of Risk Capital for Europe’s High Growth Businesses In conjunction with: Disclaimer ‘The Shortage of Risk Capital for Europe’s High Growth Businesses’ (the Report) is intended for general information only, and is not intended to be and should not be relied upon as being legal, financial, investment tax, regulatory, business or other professional advice. While the information contained in this Report is taken from sources believed to be reliable, none of AFME represents or warrants that it is accurate, suitable or complete and none of AFME or their respective employees or consultants shall have any liability arising from, or relating to, the use of this Report or its contents. Your receipt of this document is subject to paragraphs 3, 4, 5, 9, 10, 11 and 13 of the Terms of Use which are applicable to AFME’s website (available at http://www.afme.eu/Legal/Terms-of-Use.aspx) and, for the purposes of such Terms of Use, this document shall be considered a “Material” (regardless of whether you have received or accessed it via AFME’s website Marchor otherwise). 2017 The Shortage of Risk Capital for Europe’s High Growth Businesses The content of this report has been discussed with and has greatly benefitted from discussions with the following organisations. The institutions support the objective of addressing the shortage of risk capital while having individual views on particular aspects of certain issues. Contents Contents Foreword 2 1. Executive summary 4 2. Overcoming barriers to risk capital financing 7 3. Table of barriers to risk capital investment 19 4.
    [Show full text]
  • Private Equity in CEE Creating Value and Continued Growth
    Private Equity in CEE Creating Value and Continued Growth FebruaryJanuary 20212021 In partnership with Introduction 3 Case studies 10 GP introductions 55 Menu Anwis 11 Our partners 58 AZ Klima 13 Bambi 15 About Invest Europe 59 Bitdefender 17 Deutek 19 CEE national Dino 21 Dotcard 23 associations 59 Eutecus 25 Fitek 27 Acknowledgements 60 Home.pl 29 Knjaz Miloš 31 KVK Holding 33 Magnetic MRO 35 MSV Metal Studénka 37 Novago 39 PBKM (Famicord Group) 41 Profi Rom Food 43 Rankomat 45 Swell 47 Urgent Cargus 49 Velvet Care 51 Wirtualna Polska 53 Introduction Sizable population and economy GDP Central and Eastern Europe (CEE) now boasts over 30 years of growth 1.4 trln EUR and development since its ‘restart’ in the early 1990s, and private equity has been a part of the story since the beginning. As CEE and Europe as NORDICS Population a whole have continued to develop, investment themes and strategies have 27mln evolved, and the region has responded with new and exciting opportunities. Invest Europe published its first CEE Success Stories in 2004, highlighting the region’s strategies and opportunities at the time. This publication features 22 of the region’s successful private equity and venture capital investments fully exited between 2015 and 2019, to show the investment and value creation strategies that private equity is employing today in CEE. GDP 1.3 While by no means an exhaustive list of the region’s successes, these case trln EUR studies provide insight into how private equity managers are leveraging BENELUX GDP the fundamental attractiveness of the CEE region into high returns for Population 1.5 investors and value creation for citizens.
    [Show full text]
  • Response to the European Commission Public Consultation on Long-Term and Sustainable Investment
    25 March 2016 Response to the European Commission Public Consultation on Long-Term and Sustainable Investment About Invest Europe Invest Europe is the association representing Europe’s private equity, venture capital and infrastructure sectors, as well as their investors. Our members take a long-term approach to investing in privately-held companies, from start-ups to established firms. They inject not only capital but dynamism, innovation and expertise. This commitment helps deliver strong and sustainable growth, resulting in healthy returns for Europe’s leading pension funds and insurers, to the benefit of the millions of European citizens who depend on them. Invest Europe aims to make a constructive contribution to policy affecting private capital investment in Europe. We provide information to the public on our members’ role in the economy. Our research provides the most authoritative source of data on trends and developments in our industry. Invest Europe is the guardian of the industry’s professional standards, demanding accountability, good governance and transparency from our members. Invest Europe is a non-profit organisation with 25 employees in Brussels, Belgium. For more information about Invest Europe, please visit www.investeurope.eu. Table of Contents Opening Remarks ........................................................................................................................ 3 Introduction ................................................................................................................................
    [Show full text]
  • 2019 Central and Eastern Europe Private Equity
    Disclaimer The information contained in this report has been produced by Invest Europe, based on data collected as part of the European Data Cooperative (EDC) and other third party information. While Invest Europe has made every effort to ensure the reliability of the data included in this report, Invest Europe cannot guarantee the accuracy of the information collected and presented. Therefore, Invest Europe cannot accept responsibility for any decision made or action taken based upon this report or the information provided herein. This presentation is for the exclusive use of the persons to whom it is addressed and is intended for general information purposes only. It is not intended to constitute legal or other professional advice and should not be treated as such. Appropriate legal advice must be sought before making any decision, taking any action or refraining from taking any action in reliance on the information contained in this presentation. Invest Europe does not assume any responsibility Copyright information for any person’s reliance upon the information contained herein. No part of this publication may be reproduced by any process except in In furnishing this presentation, Invest Europe undertakes no obligation to provide accordance with the provisions of the Copyright Act 1968. Copyright any additional information or to update this presentation or any additional enquiries should be directed to Invest Europe. Tel: + 32 2 715 00 20. information or to correct any inaccuracies which may become apparent. © Copyright Invest Europe June 2020 Unless otherwise specified, this presentation is confidential and may not be Version distributed, published, reproduced or disclosed to any other person or used for Presentation as of 30/06/2020 any other purpose, without the written permission of Invest Europe.
    [Show full text]
  • Women in Private Equity Firms, by Firm Size
    8 WOMEN I N 1 0 PRIVATE EQUITY Published May 2018 2 Report produced by the BVCA and Level 20 WITH THANKS Level 20 Level 20 Volunteers BVCA Craft.co Jeryl Andrew Melissa Bennington Franziska Kayser Tim Hames CEO, Level 20 BC Partners KKR Director General Victoria Peck Letizia Bellucci Whitney Lutgen Noelle Buckley Project Associate, Level 20 Cinven MJ Hudson Director of Research Sophie Bower-Straziota Natalie Miller Vitruvian KKCG Cécile Belaman Sarah Brereton Barbara Rauber Sophie Clemence craft.co Bain Capital Keyhaven Capital Exponent Senior Marketing and Design Executive Dana Haimoff Danielle Candfield Abigail Rayner JPMorgan Asset Hg Octopus Gurpreet Manku Management Deputy Director General Cleo Cheung Goodman Ria Shah and Director of Policy Kathryn Mayne OTPP Pantheon Horsley Bridge Pavel Timashkov Anastasia Ezhova Susie Stanford International Research Consultant TDR Livingbridge Travis Winstanley Lucy Hosmer Fabienne Trevere Diversity VC Hollyport USS Caroline Woodworth Nimisha Kanani Kaja Wilmanska General Atlantic Bain Capital Bridgepoint We would like to thank all 179 firms that participated in the survey. “We now have reliable data on “This study confirms that private “It is great to see that the private “The results of this first the number of women working equity and venture capital has a equity industry is now engaged comprehensive study in the in the private equity industry lot to do in terms of increasing in the diversity conversation. This UK demonstrate how much and can track progress. Whilst the number and seniority of report highlights that gender work needs to be done in order currently only 6% of senior women in the industry.
    [Show full text]